2B — February 10 - 23, 2017 — New Jersey — M id A tlantic
Real Estate Journal
www.marejournal.com
N ew J ersey Alexander PropertyHoldings purchases 135,000 s/f asset Cushman&Wakefieldarranges $20msaleofCityViewCorp.Ctr.
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Y N D H U R S T , N J — Rugby Rea l ty ’ s Ci tyVi ew Corporat e Center has traded in a $20 million sale orchestrated by Cushman & Wakefield’s Metropolitan Area Capital Markets Group . Alexander PropertyHoldings purchased the 135,000 s/f, class A asset at 160 Chubb Ave. CityView’s position as a fully renovated, well-leased Meadowlands office property with limited rollover exposure drew significant investor in- terest, according to Cushman & Wakefield’s Gary Gabriel , who headed the transaction L
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CityView Corporate Center
with Metropolitan Area Capi- tal Markets team members Andrew Merin, David Ber- nhaut, Brian Whitmer and Ryan Larkin , along with of- fice leasing specialist Curtis Foster . Located on eight acres with direct access to routes 17 and 3, CityViewCorporate Center was constructed in 1979, and reno- vated in 2006 and 2012. Rugby Realty, purchased the three- story building in late 2013 and appointed Foster and Cushman & Wakefield’s Jerry Shifrin as leasing agents. Over the past two years the team brought the property to near full oc- cupancy. CityView Corporate Center’s public transportation access and proximity to Newark Liberty Airport contributed to this success. “When Rugby acqui red CityView Corporate Center, it was only 60% occupied, and as it so often has done with other properties, expediently brought it to near full occupancy and then returned it to the market in a financeable and core condi- tion,” Gabriel noted. “In turn, the new ownership has made a solid investment in the Mead- owlands office market, which continues to do very well from a leasing standpoint.” Added Maurice Ades , Rug- by’s managing partner, “Cush- man &Wakefield was a big part of our success, not only in that it acted in both our acquisition and disposition, but also being our exclusive agent when we stabilized the property.” Based in East Rutherford, Cushman & Wakefield’s Met- ropolitan Area Capital Markets Group specializes in invest- ment sales of office, indus- trial, multifamily and retail properties throughout New Jersey, NewYork, and Fairfield County, Connecticut. n
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